Propanc Biopharma, Inc. (NASDAQ: PPCB) reported a net loss of $18.9 million for the fiscal year ended June 30, 2026, and said it plans to begin a Phase 1b first-in-human clinical study of its lead drug candidate, PRP, in the first quarter of 2027, according to a company press release.

The Melbourne, Australia-based biopharmaceutical company said the multicenter, open-label study will enroll up to 50 patients with advanced solid tumors, including pancreatic, ovarian, and refractory prostate cancers, at trial sites across Australia. The study includes a dose escalation phase followed by a dose expansion phase.

Total assets stood at $12.78 million as of June 30, 2026, down from $19.63 million a year earlier. Total liabilities fell to $3.38 million from $5.73 million over the same period. Cash at quarter-end was $832,006, compared with $12,088 a year prior. Net cash from financing activities was $6.46 million. The accumulated deficit reached $144.5 million.

The company raised $7.5 million in gross proceeds during the fiscal year, including $4.0 million from an underwritten public offering of 1,000,000 shares at $4.00 per share. Propanc also entered a private placement agreement for up to $100 million in Series C Convertible Preferred Stock, receiving $4.0 million as of June 30, 2026. A share repurchase program of up to $5.0 million was initiated, with a first tranche of $500,000 completed within 30 days.

Propanc signed a memorandum of understanding with Avance Clinical Pty Ltd to support clinical delivery of the Phase 1b study, and executed a service agreement with FyoniBio GmbH of Berlin to establish a pharmacokinetics assay. A Spanish contract development and manufacturing organization has begun GMP manufacture of PRP.

The company also announced a multi-year research collaboration with the Universities of Jaén and Granada in Spain to evaluate a senescence-modulating compound and support patent applications related to fibrosis and cancer.

In preclinical models of pancreatic ductal adenocarcinoma, PRP achieved greater than 90% mean tumor growth inhibition and a median overall survival extension of more than 2.5-fold compared with controls, the company said.